Friday, October 31, 2008

The Canadian Radio-television and Telecommunications Commission will deliver its much-awaited review of the television industry on Thursday.

The federal regulator held three weeks of hearings in April that examined a number of issues, including whether cable and satellite operators should start to pay for signals from broadcasters such as CBC, CTVglobemedia and CanWest Global Communications.

It is the first major review of the cable and satellite television industry in Canada since 1999.

The turmoil in financial markets generated more pink slips Thursday as Canaccord Capital Inc. announced it's laying off about 10 per cent of its employees and slashing the salaries of senior executives by 10 per cent to 20 per cent.

Fewer homes were listed for sale on the Canadian Real Estate Association's multiple listing service in the third quarter, as the market cooled in Alberta and British Columbia, according to figures released Thursday.

Third-quarter MLS listings fell to 230,107 on a seasonally adjusted basis, a 3.1 per cent decline from the record-setting level in the previous quarter.

The value of MLS sales in the same period was $34 billion — a drop of 5.4 per cent from second quarter.

In a sign of tough economic times, industrial auction house Ritchie Brothers posted record earnings for the first nine months of the year, despite seeing its third-quarter profit stagnate.

The Richmond, B.C.-based auctioneer earned $74.3 million, or 70 cents a share, for the nine months ended Sept. 30, 2008. That represented a 14 per cent improvement compared with a profit of $67.0 million in the first three quarters of 2007.

For the most recent three months, Ritchie's earnings dipped slightly to $11.9 million, or 11 cents a share, compared with $14.9 million for the same quarter one year earlier.

The U.S. government approved the merger of Delta Air Lines Inc. and Northwest Airlines Corp. on Wednesday, opening the way for the creation of the world's largest airline, measured by traffic.

The Department of Justice antitrust division said the merger "is likely to produce substantial and credible efficiencies that will benefit U.S. consumers and is not likely to substantially lessen competition."

A statement from the regulators said there are other competitors on "the vast majority" of routes where they today compete with each other.

The U.S. government approved the merger of Delta Air Lines Inc. and Northwest Airlines Corp. on Wednesday, opening the way for the creation of the world's largest airline, measured by traffic.

The Department of Justice antitrust division said the merger "is likely to produce substantial and credible efficiencies that will benefit U.S. consumers and is not likely to substantially lessen competition."

A statement from the regulators said there are other competitors on "the vast majority" of routes where they today compete with each other.

The U.S. Federal Reserve sliced its key interest rate by half a percentage point to one per cent — the lowest rate in four years — on Wednesday in yet another bid to loosen global credit markets and kick-start an increasingly moribund economy.

The Open Market Committee, the group within the U.S. central bank that decides on the direction of interest rates, dropped the fed funds rate by fifty basis points, the second such cut in October.

The U.S. Federal Reserve sliced its key interest rate by half a percentage point to one per cent — the lowest rate in four years — on Wednesday in yet another bid to loosen global credit markets and kick-start an increasingly moribund economy.

The Open Market Committee, the group within the U.S. central bank that decides on the direction of interest rates, dropped the fed funds rate by fifty basis points, the second such cut in October.

The U.S. Federal Reserve sliced its key interest rate by half a percentage point to one per cent — the lowest rate in four years — on Wednesday in yet another bid to loosen global credit markets and kick-start an increasingly moribund economy.

The Open Market Committee, the group within the U.S. central bank that decides on the direction of interest rates, dropped the fed funds rate by fifty basis points, the second such cut in October.

The U.S. Federal Reserve sliced its key interest rate by half a percentage point to one per cent — the lowest rate in four years — on Wednesday in yet another bid to loosen global credit markets and kick-start an increasingly moribund economy.

The Open Market Committee, the group within the U.S. central bank that decides on the direction of interest rates, dropped the fed funds rate by fifty basis points, the second such cut in October.

The mayor of Grand Falls-Windsor is pleading with workers at AbitibiBowater to reach a deal with the paper company as the deadline approaches for workers to vote on a final offer.

Mayor Rex Barnes said Wednesday that he has tried to stay neutral in the negotiations between the Communications, Energy and Paperworkers union and AbitibiBowater, but now he is telling workers to look at the impact it will have on the town when they are deciding how to vote.

The mayor of Grand Falls-Windsor is pleading with workers at AbitibiBowater to reach a deal with the paper company as the deadline approaches for workers to vote on a final offer.

Mayor Rex Barnes said Wednesday that he has tried to stay neutral in the negotiations between the Communications, Energy and Paperworkers union and AbitibiBowater, but now he is telling workers to look at the impact it will have on the town when they are deciding how to vote.

Wednesday, October 29, 2008

Rogers Communications Inc. said on Tuesday it activated over a quarter of a million iPhones for customers during a three-month stretch this summer, results that helped the company post strong third-quarter numbers.

Rogers said Tuesday its third-quarter net income rose 84 per cent to $495 million as operating revenue grew 14 per cent from a year ago to $2.98 billion.

Canada's largest cable TV and mobile phone operator reported that its July-September operating profit was up 10 per cent to $1.09 billion, while earnings per share came in at 78 cents.

An illuminated sign in downtown Toronto shows Tuesday's market gains.(Robin Rowland/CBC)A late-session massive buying spree by investors sent stock markets in Canada and the United States shooting higher on Tuesday.

Release Explanation: This is the Conference Board's survey of consumer confidence regarding current and future economic conditions. The survey, based on a representative sample of 5,000 U.S. households, builds an economic picture of the mood of the economy’s consumer and therefore how well the Service based economies may fair over the coming months. Retail Sales, New & Existing Home Sales, CPI, Durable Goods, GDP over a period of time if a constant trend is being built. A currency will eventually be affected by these numbers, but only once they filter through to the main releases.

The plan of Nova Scotia seafood giant Clearwater Fine Foods to buy back the publicly-traded units in its income fund has been undone by the global financial crisis and the failure of an Icelandic bank.

Clearwater Seafoods Income Fund said Tuesday that the collapse of Glitnir Banki hf which was placed in receivership earlier this month, was the main reason the privatization was cancelled. Glitnir was to provide approximately 10 per cent of the financing required to complete the deal.

The current economic turbulence may cause the death of Canada's forestry industry, and the federal government is doing nothing to prevent it, says the head of one of the country's largest private-sector unions.

"Our union alone has lost 20,000 members in the forest sector — many communities devastated, the economy is freefalling," Dave Coles, president of the Communications, Energy and Paperworkers Union (CEP), said at the union's national convention in Montreal.

Aircraft engine maker Pratt & Whitney Canada says it will invest $575.3 million in a new plant beside Mirabel airport north of Montreal to assemble and test cleaner, quieter and more efficient jet engines.

The money, to be spent over five years, is expected to create 565 jobs, the company said Monday in a release.

The 300,000-square-foot plant is expected to open in the fall of 2009.

Company president Alain Bellemare commended the Quebec government for investing $141.9 million in infrastructure and equipment to support the project.

It's a good time for Canadians to buy books, even as the Canadian dollar has hit its lowest level in three years, because the prices on book jackets were set when the loonie was roughly on par with the U.S. dollar.

Canadian publishers were criticized last year for not adjusting book prices quickly enough when the Canadian dollar hit par.

'Right now, U.S. books are a tremendous bargain, priced less than they would be in the U.S.'—David Kent, CEO Harper Collins Canada

Saturday, October 25, 2008

A former executive of Agnico-Eagle Mines Ltd. was found guilty in an Ontario court Friday of insider trading, the Ontario Securities Commission said.

However, Barry Landen, who had been the vice-president of corporate affairs, was found not guilty of tipping Stephen Diamond, a chartered accountant. Diamond was also found not guilty of insider trading.

The OSC had alleged that Landen, whose job gave him access to inside knowledge at the gold mining company, sold shares on two occasions in 2003 when he had information that had not been disclosed to the investing public.

What former U.S. Fed chair Alan Greenspan called a "once in a century credit tsunami" hit markets with full force on Friday as corporate earnings warnings and tumbling economic indicators outweighed positive government actions.

Greenspan used the term in testimony before the U.S. Congress this week regarding the current global financial crisis and his description appeared apt as companies and economies began warning about gloomy times ahead.

Higher energy and food prices helped push overall consumer prices up by 3.4 per cent in the 12 months to September, Statistics Canada said Friday.

The September one-year change was just under the 3.5 per cent one-year rate seen in August.

Fuel was a major contributor to the increase seen in September. Gasoline prices jumped by more than 10 cents a litre in many parts of Canada as Hurricane Ike threatened oil infrastructure facilities in the Gulf of Mexico. Gasoline prices eased later in the month after the hurricane threat passed.

Global stocks continued to fall on Friday as investors withdrew from emerging markets amid growing worries about a recession.

The plummet began in Asia as investors shrugged off Thursday's rebound in European and North American markets and sent stocks in the region into their third day of decline.

Japan's Nikkei 225 stock average slid 9.6 per cent to 7,649, its first close below 8,000 since May 2003.

South Korea's stock market also fell sharply as foreign investors fled the country's stock market and figures showed the economy there was slowing. The Kospi dropped 10.6 per cent to 938.75, falling below the 1,000 mark for the first time in more than three years.

Friday, October 24, 2008

Leaders from 43 nations meet for two days of discussions focused on the global financial meeting at the Asia-Europe Meeting in Beijing.(David Gray/Associated Press)Unprecedented measures are needed to deal with the global financial meltdown, says José Barroso, president of the European Commission.

The biggest loser was distressed bank Wachovia Corp., which was recently taken over by Wells Fargo & Co.

The financial institution, whose valuation melted away in the past two months after writing off billions in investments in asset-backed commercial paper, lost a jaw-dropping $24 billion US in the third quarter once restructuring charges are included.

Forgetting about those one-time costs, however, Wachovia still gushed $4.8 billion in red ink in the quarter.

The federal government will provide a "backstop" to the country's banks, offering insurance on their wholesale term borrowing, Finance Minister Jim Flaherty said Thursday.

Flaherty said in Ottawa that the government is making the guarantee available so the country's banks aren't put at a competitive disadvantage amid the global credit squeeze. By doing so, Canada is following similar steps already taken by more than a dozen countries, including the U.S., the U.K., Australia, Spain, Ireland, Germany and Sweden.

Wednesday, October 22, 2008

World leaders will meet in Washington on Nov. 15 discuss the current financial crisis in an effort to mitigate the global economic downturn.

The meeting will be the first in a series of summits, said White House press secretary Dana Perino in a statement on Wednesday.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Perino said.

World leaders will meet in Washington on Nov. 15 discuss the current financial crisis in an effort to mitigate the global economic downturn.

The meeting will be the first in a series of summits, said White House press secretary Dana Perino in a statement on Wednesday.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Perino said.

World leaders will meet in Washington on Nov. 15 discuss the current financial crisis in an effort to mitigate the global economic downturn.

The meeting will be the first in a series of summits, said White House press secretary Dana Perino in a statement on Wednesday.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Perino said.

World leaders will meet in Washington on Nov. 15 discuss the current financial crisis in an effort to mitigate the global economic downturn.

The meeting will be the first in a series of summits, said White House press secretary Dana Perino in a statement on Wednesday.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Perino said.

World leaders will meet in Washington on Nov. 15 discuss the current financial crisis in an effort to mitigate the global economic downturn.

The meeting will be the first in a series of summits, said White House press secretary Dana Perino in a statement on Wednesday.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Perino said.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Canada's top female entrepreneur posted revenue approaching $2 billion in fiscal 2008, a sign of how far Canadian women risk-takers have come since 1999, according to Profit magazine.

Profit, which has been tracking women in business since 1999, said Tuesday that Rebecca MacDonald, who heads up the Energy Savings Income Fund, is the country's top female entrepreneur in 2008.

Her company, which offers consumers fixed-rate energy contracts, had revenue of $1.73 billion for its fiscal 2008, which ended March 31, 2008. That was an increase of $1.53 billion over the same period in 2007 and a huge jump compared to $23 million in sales in 1999, the year Profit began following women entrepreneurs in Canada.

Canada's top female entrepreneur posted revenue approaching $2 billion in fiscal 2008, a sign of how far Canadian women risk-takers have come since 1999, according to Profit magazine.

Profit, which has been tracking women in business since 1999, said Tuesday that Rebecca MacDonald, who heads up the Energy Savings Income Fund, is the country's top female entrepreneur in 2008.

Her company, which offers consumers fixed-rate energy contracts, had revenue of $1.73 billion for its fiscal 2008, which ended March 31, 2008. That was an increase of $1.53 billion over the same period in 2007 and a huge jump compared to $23 million in sales in 1999, the year Profit began following women entrepreneurs in Canada.

The Canadian dollar dropped 1.38 cents US on Tuesday after the Bank of Canada moved to cut interest rates again, citing the global financial crisis and economic worries.

The loonie retreated in the wake of the cut, tumbling to close 82.39 cents US in afternoon trading on currency markets. The dollar has not closed that low since August 2005.

The central bank cut the target for the overnight rate — the rate Canadian banks charge each other for overnight loans — by one-quarter of a percentage point to 2.25 per cent and said that more cuts will likely be necessary.

The Canadian dollar dropped 1.38 cents US on Tuesday after the Bank of Canada moved to cut interest rates again, citing the global financial crisis and economic worries.

The loonie retreated in the wake of the cut, tumbling to close 82.39 cents US in afternoon trading on currency markets. The dollar has not closed that low since August 2005.

The central bank cut the target for the overnight rate — the rate Canadian banks charge each other for overnight loans — by one-quarter of a percentage point to 2.25 per cent and said that more cuts will likely be necessary.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Sun Life Financial Inc. said Tuesday that more than $636 million in charges related to the battered credit market pushed the company to a third-quarter loss of $396 million.

The charges stem from the company's exposure to U.S. firms that were slammed by the credit squeeze, including Lehman Brothers, Washington Mutual and American International Group, Sun Life said.

In the third quarter of last year, the Toronto-based insurer and financial-services conglomerate made a profit of $577 million, or $1 a share. The per-share loss in the most-recent quarter was 71 cents.

Oil prices edged closer to $70 US a barrel in trading Tuesday, a level almost unthinkable five short months ago, as fears of a global recession outweighed the predictions of an OPEC production cut later this week.

Crude oil for November delivery fell $3.36 to $70.89 a barrel in trading on New York's Mercantile Exchange. Oil had been up as high as $75.69 but lost those early gains as the American dollar rose compared to the European euro.

Oil prices edged closer to $70 US a barrel in trading Tuesday, a level almost unthinkable five short months ago, as fears of a global recession outweighed the predictions of an OPEC production cut later this week.

Crude oil for November delivery fell $3.36 to $70.89 a barrel in trading on New York's Mercantile Exchange. Oil had been up as high as $75.69 but lost those early gains as the American dollar rose compared to the European euro.

Oil prices edged closer to $70 US a barrel in trading Tuesday, a level almost unthinkable five short months ago, as fears of a global recession outweighed the predictions of an OPEC production cut later this week.

Crude oil for November delivery fell $3.36 to $70.89 a barrel in trading on New York's Mercantile Exchange. Oil had been up as high as $75.69 but lost those early gains as the American dollar rose compared to the European euro.

Oil prices edged closer to $70 US a barrel in trading Tuesday, a level almost unthinkable five short months ago, as fears of a global recession outweighed the predictions of an OPEC production cut later this week.

Crude oil for November delivery fell $3.36 to $70.89 a barrel in trading on New York's Mercantile Exchange. Oil had been up as high as $75.69 but lost those early gains as the American dollar rose compared to the European euro.

Oil prices edged closer to $70 US a barrel in trading Tuesday, a level almost unthinkable five short months ago, as fears of a global recession outweighed the predictions of an OPEC production cut later this week.

Crude oil for November delivery fell $3.36 to $70.89 a barrel in trading on New York's Mercantile Exchange. Oil had been up as high as $75.69 but lost those early gains as the American dollar rose compared to the European euro.

Oil prices edged closer to $70 US a barrel in trading Tuesday, a level almost unthinkable five short months ago, as fears of a global recession outweighed the predictions of an OPEC production cut later this week.

Crude oil for November delivery fell $3.36 to $70.89 a barrel in trading on New York's Mercantile Exchange. Oil had been up as high as $75.69 but lost those early gains as the American dollar rose compared to the European euro.

Turmoil in the global financial markets is already having an impact on the Yukon's mining exploration industry, with some workers losing work and industry players laying low amid the crisis.

Some staff have been laid off at Aurora Geosciences Ltd. in Whitehorse, which provides geological support services to companies exploring for minerals in the North, as smaller mining companies halt their field work.

"Things were quite busy through here and then about the beginning of September, things have just died," Mike Power, the company's Whitehorse vice-president, told CBC News.

Turmoil in the global financial markets is already having an impact on the Yukon's mining exploration industry, with some workers losing work and industry players laying low amid the crisis.

Some staff have been laid off at Aurora Geosciences Ltd. in Whitehorse, which provides geological support services to companies exploring for minerals in the North, as smaller mining companies halt their field work.

"Things were quite busy through here and then about the beginning of September, things have just died," Mike Power, the company's Whitehorse vice-president, told CBC News.

Turmoil in the global financial markets is already having an impact on the Yukon's mining exploration industry, with some workers losing work and industry players laying low amid the crisis.

Some staff have been laid off at Aurora Geosciences Ltd. in Whitehorse, which provides geological support services to companies exploring for minerals in the North, as smaller mining companies halt their field work.

"Things were quite busy through here and then about the beginning of September, things have just died," Mike Power, the company's Whitehorse vice-president, told CBC News.

Turmoil in the global financial markets is already having an impact on the Yukon's mining exploration industry, with some workers losing work and industry players laying low amid the crisis.

Some staff have been laid off at Aurora Geosciences Ltd. in Whitehorse, which provides geological support services to companies exploring for minerals in the North, as smaller mining companies halt their field work.

"Things were quite busy through here and then about the beginning of September, things have just died," Mike Power, the company's Whitehorse vice-president, told CBC News.

Turmoil in the global financial markets is already having an impact on the Yukon's mining exploration industry, with some workers losing work and industry players laying low amid the crisis.

Some staff have been laid off at Aurora Geosciences Ltd. in Whitehorse, which provides geological support services to companies exploring for minerals in the North, as smaller mining companies halt their field work.

"Things were quite busy through here and then about the beginning of September, things have just died," Mike Power, the company's Whitehorse vice-president, told CBC News.

Twenty million jobs could disappear by the end of next year as the financial crisis affects the global economy, a United Nations agency said on Monday.

Construction, real estate, financial services and the auto sector are most likely to be hit, according to the International Labour Organization's (ILO) estimate, which is based on International Monetary Fund projections for the world economy.

The toll on jobs could be even higher if IMF economic projections are cut, said ILO director general Juan Somavia.

Twenty million jobs could disappear by the end of next year as the financial crisis affects the global economy, a United Nations agency said on Monday.

Construction, real estate, financial services and the auto sector are most likely to be hit, according to the International Labour Organization's (ILO) estimate, which is based on International Monetary Fund projections for the world economy.

The toll on jobs could be even higher if IMF economic projections are cut, said ILO director general Juan Somavia.

Twenty million jobs could disappear by the end of next year as the financial crisis affects the global economy, a United Nations agency said on Monday.

Construction, real estate, financial services and the auto sector are most likely to be hit, according to the International Labour Organization's (ILO) estimate, which is based on International Monetary Fund projections for the world economy.

The toll on jobs could be even higher if IMF economic projections are cut, said ILO director general Juan Somavia.

A group of former WestJet executives is launching an airline called Enerjet to focus on charter flights, to be followed by an expansion into tours.

The company, led by Tim Morgan, a co-founder of WestJet who stepped down in 2005, announced its official name on Monday and its plans to start operations in 2009.

The company had been working under the tentative name of New Air and Tours.

" 'Enerjet' symbolizes Canada's strength and the entrepreneurial and dynamic drive of Canadians," said chief financial officer Alan Mann, also a former WestJet exec, from the company's headquarters in Calgary.

Federal Finance Minister Jim Flaherty in July: help for banks could come sooner rather than later. (Dave Chidley/Canadian Press)

Canadian Finance Minister Jim Flaherty is set to announce measures this week to help domestic banks keep up with their foreign competitors, which are benefiting from government bailouts and guarantees.

CMRL has invited real estate firms with a minimum experience of five years in rendering real estate valuation in India, and Rs 50 crore as turnover. For the Rs 10,000-crore first phase of the project, CMRL is planning to acquire around 10 hectares of private land mainly for construction of stations and depots. The railway line would pass through government lands in most of the places.

“Though the government has mandatory powers to acquire private land, we want to take the land with the consent of the landowner. For this, we want guidence from experts to arrive at a reasonable compensation. We would invoke provisions of compulsory land acquisition only if the negotitations are unsuccessful,” a senior official told The Times of India.

Falling share prices may be a sign of things to come in the real economy. Until recently, property prices in Mumbai were on par with Manhattan’s, boosted by scores of foreign firms coming into the financial capital, looking to set up shop here.

That foreign money also helped to create hundreds of thousands of jobs for India’s young middle classes, who could now finally afford to realize their dream of owning their own home. All that demand for flats and houses caused prices to soar 40% in some of the big cities in India last year.

CONCORD — A 19-person residents' group has endorsed a plan for the Concord Naval Weapons Station that boasts 12,300 housing units and a population of 28,880, with 65 percent of the land designated as open space and parks.

The Community Advisory Committee met 36 times in two years, and Tuesday's decision was the group's final vote on what should go on the former military base's 5,028 inland acres. The Concord City Council, however, will get the final say.

PLEASANTON — Traffic and future congestion is one key issue discussed by the three candidates running for two spots on the Pleasanton City Council.

In their first forum without the two mayoral candidates, incumbents Cindy McGovern and Matt Sullivan and newcomer Jerry Pentin discussed a variety of issues at a live event hosted by Tri-Valley Community Television on Wednesday.

The candidates also discussed the two ballot measures about city hillsides, the Staples Ranch development, the city's impending buildout and the local economy in an hour-long session moderated by Carolyn Siegfried.

A run of four straight months of higher sales for the country's manufacturing sector ended in August as sales slumped by 3.7 per cent, Statistics Canada said Thursday.

"Manufacturers had a notable pull-back in sales," the federal government agency said, adding that the August decline erased most of the gains made in June and July.

While the overall sales for the country's manufacturing sector totalled $52 billion in August, the extent of the drop in sales took many economists off-guard as they had expected a marginal decline of just 0.8 per cent in sales, the report adds.

Canada's main accounting standards group announced Friday changes to controversial accounting rules to help financial companies deal with mountains of worthless corporate debt.

The Accounting Standards Board, the Canadian group that makes rules regarding how companies deal with revenue and expenses in their corporate statements, said it will allowing firms to postpone the writedown of its distressed financial instruments.

The changes mean Canadian institutions now holding billions in bad asset-backed commercial debt will not be forced to record losses on those debt instruments right away if those pieces of paper have not been sold.

Canadian brokerage firms did not provide proper oversight when they sold now-worthless asset-backed commercial paper, said the organization that regulates Canada's investment industry on Friday.

In a 93-page report, the Investment Industry Regulatory Organization of Canada (IIROC) said that none of the 21 Canadian investment dealers surveyed who were flogging third-party asset-backed commercial paper actually knew whether the financial instruments they were selling were risky.

Canadian consumer confidence this month fell to levels not seen since 1982, when the country was in recession, the Conference Board of Canada reported Friday.

Based on a poll of 2,000 people between Oct. 2 and 8, the conference board said its index of consumer sentiment fell 11.9 points to a reading of 73.9. That was the weakest point since the third quarter of 1982.

"The global credit crunch and major stock market declines clearly had an effect on consumer confidence in October," said Pedro Antunes, director of the conference board's national and provincial forecast.

Chrysler said Friday it will eliminate one shift at its Windsor, Ont., assembly plant over the next three weeks.

The car manufacturer informed the Canadian Auto Workers Union Friday afternoon that it will eliminate the afternoon shift for the first two weeks. In the third week, the midnight shift will be temporarily laid off.

Chrysler said it will re-evaluate the situation after three weeks.

CAW local 444 President Rick Laporte said he's aware the company is trying to re-adjust inventory since minivan sales have dropped.

Saturday, October 18, 2008

Whether the US economy is heading into a mild contraction or a harsh recession will likely be decided by cosnumer spending. With a drop in sentiment like the one reported from the University of Michigan's monthly report, the forecast looks as if it will fall into the latter category. The gauge reported its biggest month-over-month point drop in years with a far greater than expected contraction in confidence that pulled the indicator down to 57.5. Technically, sentiment - as measured by this gauge - isn't as bad as it was back in June (which reported a 28-year low). However, the components of this month's reading suggest things may actually be worse now, and that conditions are set to deteriorate further from here. Looking at the breakdown of the report, the current conditions gauge hit a new record low since data began in 1978. The outlook gauge on the other hand dropped but wouldn't rival June's low. With the economy almost certainly looking to a recession and difficult recovery for the financial markets, this component will likely 'catch up' in a month or two.

Rising stocks in the energy, financial and mining sectors helped send the S&P/TSX composite index to a gain of more than three per cent on Friday. .

After earlier rising more than 500 points, the TSX ultimately finished with a gain of 292.52 points at 9,562.49, led by a gain of just under two per cent for the heavily weighted financial services group.

Among Canadian bank stocks, Bank of Montreal rose more than five per cent to $43.75.

Friday, October 17, 2008

France's President Nicolas Sarkozy, second from right, speaks with Canada's Governor General Michaëlle Jean, left, Prime Minister Stephen Harper, second from left, and European Commission President Jose Manuel Barroso before the start of a meeting at the Citadelle in Quebec City on Friday. (Chris Wattie/Reuters)

Thursday, October 16, 2008

Shares of Canadian energy companies jumped Tuesday despite a drop in the price of oil as most of the world's stock markets responded to government moves in North America and Europe to stabilize the financial system.

Energy listings rode a surging Toronto stock market, which rose a daily record 890 points, and managed to hang on to most of their early gains, with Talisman Energy leading the way with a jump of $2.31, or 23 per cent, to $12.12. EnCana Corp. was up $7.30, or 16 per cent, to $50.80, Suncor Energy advanced $2.90, or 11 per cent, to $28.99 and Petro-Canada rose $3.24, or more than 13 per cent, to $26.94.